SMP Bank and Diasoft, a provider of cutting-edge software solutions for the global financial industry, announced the completion of the joint project for the implementation of Flextera Anti-Money Laundering.
FLEXTERA Anti-Money Laundering automatically generates notifications for the Federal Financial Monitoring Service (FFMS) and reports for other state control bodies without the need to allocate additional human resources for the collection of the required data. The solution supports a number of additional features, such as the opportunity to make specialized settings for internal auditors and flexible configuration of data queries and reports, including those related to statistical data.
An important peculiarity of Diasoft's solution is its flexibility allowing banks to quickly adopt new regulatory requirements associated with anti-money laundering and counter-terrorism financing.
"Russian banks pay increasingly more attention to anti-money laundering and counter-terrorism financing procedures, with this happening in terms of toughening anti-money laundering legislation", said Inga Tumasieva, Head of Financial Monitoring, SMP Bank. "The reason for this is first of all the desire to effectively manage reputation and legal risks, as well as to implement a quality business process for transactions control, ensure the fulfillment of internal control rules in terms of the business growth, protect banks against suspicious clients, etc. To ensure effective fulfillment of these tasks, specialized IT solutions are created, and FLEXTERA Anti-Money Laundering is one of such solutions".
FLEXTERA Anti-Money Laundering is a multi-functional solution with a number of technological and functional advantages.
First of all, the solution supports electronic storing and managing of profiles of clients, representatives and beneficiaries. It also ensures monitoring of the fulfilled financial transactions with the use of 40 in-built control algorithms, which allow configuring about 200 transaction check schemes of any complexity. The solution can automatically generate customer queries to clarify the transaction in question.
Secondly, the solution ensures support for different types of national and global lists (FFMS, OFAC, SDN), an internal list of suspicious clients, a list of invalid passports, and various custom lists.
Finally, FLEXTERA Anti-Money Laundering ensures centralized control for all transactions of a multi-branch bank, allows for setting different access rights for the bank employees depending on their roles and job functions, performs detailed audit of all user actions.
With the joint efforts of Diasoft and SNP Bank the solution was successfully integrated into the existing IT-architecture of the bank with the use of its in-built interfaces.